SL Green Realty (NYSE:SLG) Sets New 1-Year High - What's Next?

SL Green Realty Corp. (NYSE:SLG - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $79.92 and last traded at $78.51, with a volume of 142028 shares changing hands. The stock had previously closed at $77.47.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Truist Financial upped their price target on shares of SL Green Realty from $47.00 to $55.00 and gave the company a "hold" rating in a research report on Friday, July 19th. Bank of America boosted their price objective on SL Green Realty from $59.00 to $62.00 and gave the company a "neutral" rating in a report on Thursday, August 22nd. Wells Fargo & Company boosted their price target on shares of SL Green Realty from $43.00 to $63.00 and gave the company an "equal weight" rating in a research note on Wednesday, September 11th. JPMorgan Chase & Co. lifted their price objective on shares of SL Green Realty from $44.00 to $51.00 and gave the company an "underweight" rating in a report on Tuesday, August 6th. Finally, The Goldman Sachs Group raised their price target on shares of SL Green Realty from $38.00 to $42.00 and gave the company a "sell" rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $65.57.

SL Green Realty Stock Up 0.5 %

The firm has a market capitalization of $5.07 billion, a P/E ratio of -31.15, a PEG ratio of 2.02 and a beta of 1.83. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.59 and a current ratio of 2.58. The stock has a 50 day moving average of $69.78 and a 200-day moving average of $61.04.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing the consensus estimate of $1.21 by ($1.42). The business had revenue of $229.69 million during the quarter, compared to the consensus estimate of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same period last year, the business posted $1.27 earnings per share. Research analysts predict that SL Green Realty Corp. will post 7.61 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a $0.25 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 3.85%. SL Green Realty's dividend payout ratio is currently -120.00%.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in SL Green Realty in the 2nd quarter worth approximately $29,000. Friedenthal Financial bought a new stake in shares of SL Green Realty in the 3rd quarter worth approximately $49,000. Blue Trust Inc. boosted its stake in shares of SL Green Realty by 363.2% in the 3rd quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust's stock valued at $56,000 after purchasing an additional 632 shares in the last quarter. Rothschild Investment LLC purchased a new position in SL Green Realty in the 2nd quarter worth $55,000. Finally, Fidelis Capital Partners LLC bought a new stake in SL Green Realty in the first quarter worth $55,000. Hedge funds and other institutional investors own 89.96% of the company's stock.

SL Green Realty Company Profile

3SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.